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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Italy’s MPS asks ECB for extension

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Rome: The world’s oldest bank, Italy’s Monte dei Paschi di Siena (MPS), asked the European Central Bank on Wednesday for more time to raise the cash it needs to avoid being wound down. BMPS said it was asking for the extension from the end of December to mid January because the political instability created by Prime Minister Matteo Renzi’s resignation has left investors reluctant to commit funds.


The Italian bank has lost nearly 85 per cent of its market capitalisation since the start of the year. It also emerged as the worst performer from European Banking Authority (EBA) stress tests in July. — AFP


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